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Nifty Outlook

In a highly volatile trading session, the Indian indices swung both ways before ending the session in green. The Nifty index managed to end with gains of 0.4% at 14,700 levels. The broader markets witnessed healthy buying interest as both the Midcap and Smallcap index ended higher by nearly 1%.

Amongst the sectors, except Banking and Consumer Durables, all the other indices ended in green wherein Healthcare, Realty and Telecom were the top gainers. In the near term, we expect the markets to remain volatile as investors try to gauge the impact of restrictions imposed by state government to curb the spread of the virus. Moreover, the upcoming RBI monetary policy and earnings announcement from companies would also keep the volatility high.

News

* Adani Ports announced that in the month of March 21, it handled cargo volume of 26 MMT, a growth of 41% YoY and 23% MoM.

* GM Breweries announced its numbers wherein revenue was up 17.2% YoY to Rs. 128 cr and its net profit stood at Rs. 45 cr as against Rs. 17.8 cr YoY.

* Jindal Steel & Power announced that it reported a 34.4% rise in its output, and the sales grew 37.4% during the quarter ended March 31.

Derivative Ideas

PIDILITIND FUTS added around 7% in open interest as long buildup was seen in it till closing time. Current chart pattern also indicates further up move in its price. We suggest buying PIDILITIND as per below levels.

Strategy:- BUY PIDILITIND BETWEEN 1850-1860 STOP LOSS 1820 TARGET 1930

Investment Pick - Crompton Greaves Consumer Electricals Ltd.

Crompton Greaves Consumer Electricals (CGCE) is engaged in manufacturing and marketing of a wide range of consumer products ranging from fans, light sources and luminaires, pumps and household appliances such as geysers, mixer grinders, toasters and irons.

We like CGCE for its strong growth potential, consistent rise in market share in its key segment coupled with healthy dividend pay-out ratio, strong cash flow generation, lean working capital cycle and robust return ratios. We recommend a Buy on the stock with a target price of Rs. 479.

Buy Crompton Greaves Consumer Electricals Ltd @ 9-12 Months CMP 392.5 TGT 479

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